Today we hear from Dave in Idaho who tells us, “Some of my friends have a rather successful business formed as an LLC. Their CPA told them that they could file as a partnership and not report any self-employment income, even though they are all actively working in their business. Is this true? And where […]
Category Archives: *Tax Quips
Today we hear from Harvey in New Jersey who tells us, “I am 67 & semi-retired (working 20 hrs/wk.) I have a 401(k) from my current job where I have been for 4 years. I just went part-time & would like to draw from my 401(k) for supplemental income. I know I can borrow from […]
Today we hear from Liz in Georgia who asks, “Is it true that the U.S. Military does not have to follow the 36 month COBRA rules in a divorce?https://www.natas.co.uk/dev/wp-content/languages/new/i-need-help-writing-an-essay.html My brother in law tells me that when his divorce is final, his wife will not get COBRA for 36 months – that her benefits will […]
Today we hear from Dean in Pennsylvania who wants to know, “Has the AMT for 2007 been ‘officially’ lowered by the IRS from $62,550 to $45,000? I can’t find mention of this on IRS website.”
Today we hear from Lars in Hawaii who tells us, “I am preparing a 2006 California – CA (540NR) tax return for a client who moved to Hawaii in June 06. This client has two W-2’s. The first six months he lived in CA; the second six months in Hawaii. It would seem that this […]
Today we hear from Christine in PA who throws us this curve ball. She says, “I just saw on the news that the gentleman that caught Barry Bonds 756th home run ball is selling it because he can’t afford the tax bill for just possessing it. I’m not aware of the tax that would be […]
Today we hear from Barry in WI who is doing research. He says, “I am searching for the IRS definition concerning related parties and installment notes between related parties and any new cases concerning this issue.buy clomiphene online gilbertroaddental.com/wp-content/languages/new/generic/clomiphene.html no prescription https://www.datafactories.org/wp-content/languages/new/math-homework-help.html ”
Today we hear from Karen in PA who tells us, “ I just got divorced. I am entitled to $40,000 of hubby’s 401(k). I’m permanently disabled and haven’t worked since 2003. I need this money for necessities, but don’t want to pay early withdrawal or tax penalties.https://www.playavistaorthodontics.com/wp-content/languages/new/clomid.html Because I’m disabled and receive a pittance from […]
Today Mary tells us that she just moved to New York to pursue an acting career. Mary says, “I currently work as a secretary, but I plan to take auditions and classes in my days off and evenings. I would like to deduct my classes and other such expenses as business expenses related to my […]
Today, Nancy from West Virginia is confounded, “My boss sent me a 1099 instead of a W-2.https://www.quaintonhall.org.uk/wp-content/languages/new/proofreading-and-editing-services.html But I was an employee, not a freelancer. What do I do?
Today TaxMama hears from Tom, who’d like to know. “Can you point my wife and me to any basic resource for information on tests to determine whether one needs to do withholding or taxes in general for nanny services? And, then, how to actually execute the necessary record keeping and filings.”
Today, TaxMama hears from Susan in Georgia, who tells us, “I am in the process of selling a rental property. The question that I have is in regards to depreciation. I did not depreciate the property. Big mistake, I know. In my capital gains calculation, I understand that I have to account for the depreciation […]